MANITOWOC – A portion of the old Mirro manufacturing facility is finding new life once again, this time as apartments.

The plan to develop the former Mirro Plant 3 into a 40-unit apartment complex took another step forward on Tuesday, Aug. 11, with the City of Manitowoc Finance Committee approving a $184,713 loan from the Board of Commissioners of Public Lands to be used to complete the project.

The loan, if approved by the City Council, will be given to Milwaukee entrepreneurs and Wisconsin Redevelopment partners Bob Lemke and Todd Hutchison, who purchased the building for $300,000 in January from Robert Jagemann, owner of BAMCO, a real estate development company.

The pair will use the money to turn the seven-story facility, at 2402 Franklin St., into an apartment complex that will be called Artist Lofts. Before the property changed hands, it contained free or low-cost rehearsal space, and was the venue for 65 “BlkBx Theater” live music shows. It was also home to artist studios and Gallery 3 exhibitions.

The project carries an estimated $9 million price tag. Some of that will be paid for with about $1.6 million in tax credits from the Wisconsin Housing and Economic Development Authority and federal Department of the Interior through its National Parks Service.

Another portion will be paid for with the city’s loan, which is scheduled to be paid back over 20 years.

“This loan will probably be given out sometime this fall ... so we’ll take the loan out just prior to giving it to the developers,” said Finance Director Steve Corbeille.

“There will be an agreement coming through, too, that will be like our document for the loan to the developer, also through this committee, but we won’t take out this loan until we need it, within a month or so,” Corbeille added. “They’re going to make payments on that monthly.”

Refinancing and/or prepayment is allowed with such a loan.

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The Manitowoc Finance Committee approved a loan to help pay for developing Mirro Plant 3 into an apartment complex.(Photo: Marcus Nesemann/HTR Media)

Committee members said they like the idea of a public-private partnership when it works to benefit the city.

“At least something is being done with part of the Mirro complex,” said Ald. Pat Brandel.

Mirro Plant 3 is separate from the rest of the manufacturing complex that is the subject of a raze order from the city.

The City Council is scheduled to act on the loan at its meeting at 6:30 p.m., Monday, Aug. 17.